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For Immediate Release
April, 26 2023, 12:46pm EDT
Contact:
Mia Jacobs,Communications Director, CPC,Email:,Mia.Jacobs@mail.house.gov,Phone: (202) 225-3106
House Democrats Across the Caucus Call for Congress to Reject Republican Debt Ceiling Demands and Avoid Economic Default
House Dems Demand a Clean Debt Ceiling Increase and Separately “Welcome an Open and Productive Debate…on Approaches to Address both Federal Spending and Revenues"
Today, led by Representatives Brendan F. Boyle (PA-02), Ranking Member of the House Budget Committee, Pramila Jayapal (WA-07), Chair of the Congressional Progressive Caucus, and Annie Kuster (NH-02), Chair of the New Democrat Coalition, Members from across the House Democratic Caucus called on Republicans to uphold their obligation to protect the full faith and credit of the United States by lifting the debt ceiling “without any extraneous policies attached.”
The lawmakers also emphasize, “separate from the lifting of the debt ceiling, House Democrats have welcomed an open and productive debate through the normal budgetary process on approaches to address both federal spending and revenues that do not involve the threat of nonpayment of funds already appropriated by law.” The House Democrats underscore that Congressional Republicans voted to raise the debt ceiling on three separate occasions under President Trump.
The catastrophic impact of breaching the debt ceiling cannot be overstated. Moody’s Analytics projects a prolonged breach would lead to a 4 percent decline in GDP, 7 million jobs lost with unemployment above 8 percent, and roughly $10 trillion in household wealth wiped out. The specter of default would haunt the U.S. economy, with GDP a full percentage point lower a decade after the crisis and 900,000 jobs never regained. Additionally, Treasury Secretary Janet Yellen warned that a default would cause a recession in the U.S. economy and ultimately could cause a global financial crisis.
The letter reads in part:
“Although [Republicans] recently stated that ‘the greatest threat to our future is our national debt,’ we note with puzzlement that Congressional Republicans voted to pass the Tax Cuts and Jobs Act (TCJA) in 2017, which the Congressional Budget Office (CBO) estimated would increase the federal deficit by $1.9 trillion over 10 years, with 83 percent of the law’s benefits estimated to accrue to the richest 1 percent by 2027. The first act of House Republicans in the 118th Congress under your Speakership was passing legislation — which Democrats unanimously opposed — to rescind funding for I.R.S. enforcement against tax evasion by wealthy individuals and large corporations. The CBO estimated that by reducing revenue, that legislation would increase the deficit by $114 billion over 10 years. In fact, the Republican agenda would increase the debt by over $3 trillion.”
House Democrats make it clear that while they welcome debate on spending and economic responsibility, negotiations over spending must be distinct from the threat of economic default, and any cuts to Social Security and Medicare are ‘off the table.’
The full text of the letter can be found here.
The signatories of the letter include Representatives Brendan Boyle (PA-02), Pramila Jayapal (WA-07), Ann Kuster (NH-02), Alma S. Adams Ph.D. (NC-12), Colin Z. Allred (TX-32), Jake Auchincloss (MA-04), Becca Balint (VT-AL), Nanette Diaz Barragán (CA-44), Joyce Beatty (OH-03), Ami Bera, M.D. (CA-06), Donald S. Beyer Jr. (VA-08), Sanford Bishop (GA-02), Earl Blumenauer (OR-03), Lisa Blunt Rochester (DE-AL), Suzanne Bonamici(OR-01), Jamaal Bowman, Ed.D. (NY-17), Julia Brownley (CA-26), Shontel Brown (OH-11), Nikki Budzinski (IL-13), Cori Bush (MO-01), Yadira Caraveo M.D. (CO-08), Salud Carbajal (CA-24), Tony Cárdenas (CA-29), André Carson (IN-07), Troy Carter (LA-02), Matt Cartwright (PA-08), Greg Casar (TX-35), Sean Casten (IL-06), Kathy Castor (FL-14), Joaquin Castro (TX-20), Sheila Cherfilus-McCormick (FL-20), Judy Chu (CA-28), David N. Cicilline (RI-01), Yvette D. Clarke (NY-09), Emanuel Cleaver II (MO-05), Steve Cohen (TN-09), Pramila Jayapal (WA-07), Gerald E. Connolly (VA-11), J. Luis Correa (CA-46), Joe Courtney (CT-02), Angie Craig (MN-02), Jasmine Crockett (TX-30), Jason Crow (CO-06), Sharice L. Davids (KS-03), Danny K. Davis (IL-07), Madeleine Dean (PA-04), Diana DeGette (CO-01), Rosa L. DeLauro (CT-03), Suzan K. DelBene (WA-01), Christopher Deluzio (PA-17), Mark DeSaulnier( CA-10), Debbie Dingell (MI-06), Lloyd Doggett (TX-37), Veronica Escobar (TX-16), Anna G. Eshoo (CA-16), Adriano Espaillat (NY-13), Dwight Evans (PA-03), Lizzie Fletcher (TX-07), Bill Foster (IL-11), Valerie P. Foushee (NC-04), Lois Frankel (FL-22), Maxwell Alejandro Frost (FL-10), Ruben Gallego (AZ-03). John Garamendi (CA-08), Jesús G. "Chuy"García (IL-04), Robert Garcia (CA-42), Sylvia R. Garcia (TX-29), Daniel Goldman (NY-10), Jimmy Gomez (CA-34), Vicente Gonzalez (TX-34), Al Green (TX-09), Raúl M. Grijalva (AZ-07), Josh Harder (CA-09), Jahana Hayes (CT-05), Bria Higgins (NY-26), James A. Himes (CT-04), Steven Horsford (NV-04), Val Hoyle (OR-04), Jared Huffman (CA-02), Glenn Ivey (MD-04), Jeff Jackson (NC-14), Jonathan L. Jackson (IL-01), Sheila Jackson Lee (TX-18), Sara Jacobs (CA-51), Henry C. “Hank” Johnson (GA-04), Sydney Kamlager-Dove (CA-37), Marcy Kaptur (OH-09), William R. Keating (MA-09), Robin L. Kelly (IL-02) , Ro Khanna (CA-17), Daniel T. Kildee (MI-08), Derek Kilmer (WA-06), Andy Kim (NJ-03), Raja Krishnamoorthi (IL-08), Greg Landsman (OH-01), Rick Larsen (WA-02), John B. Larson (CT-01), Barbara Lee (CA-13), Summer Lee (PA-12), Susie Lee (NV-03), Teresa Leger Fernández (NM-03), Mike Levin (CA-49), Ted W. Lieu (CA-36), Zoe Lofgren (CA-18), Stephen F. Lynch (MA-08), Seth Magaziner (RI-02), Kathy Manning (NC-06), Doris Matsui (CA-07), Lucy McBath (GA-07), Jennifer L. McClellan (VA-04), Betty McCollum (MN-04), Morgan McGarvey (KY-03), James P. McGovern (MA-02), Gregory W. Meeks (NY-05), Robert J. Menendez (NJ-08), Grace Meng (NY-06), Kweisi Mfume (MD-07), Gwen S. Moore (WI-04), Joseph D. Morelle (NY-25), Jared Moskowitz (FL-23), Seth Moulton (MA-06), Frank J. Mrvan (IN-01), Kevin Mullin (CA-15), Jerrold Nadler (NY-12), Grace F. Napolitano (CA-31), Joe Neguse (CO-02), Wiley Nickel (NC-13), Donald Norcross (NJ-01), Eleanor Holmes Norton (DC-AL), Alexandria Ocasio-Cortez (NY-14), Ilhan Omar (MN-05), Frank Pallone, Jr. (NJ-06), Chris Pappas (NH-01), Bill Pascrell, Jr. (NJ-09), Donald M. Payne, Jr. (NJ-10), Brittany Pettersen (CO-07), Chellie Pingree (ME-01), Stacey E. Plaskett (VI-AL), Mark Pocan (WI-02), Katie Porter (CA-47), Ayanna Pressley (MA-07), Mike Quigley (IL-05), Delia C. Ramirez (IL-03), Jamie Raskin (MD-08), Deborah K. Ross (NC-02), Raul Ruiz (CA-25), C.A. Dutch Ruppersberger (MD-02), Patrick K. Ryan (NY-18), Andrea Salinas (OR-05), Linda T. Sánchez (CA-38), John P. Sarbanes (MD-03), Mary Gay Scanlon (PA-05), Janice Schakowsky (IL-09), Adam B. Schiff (CA-30), Bradley Scott Schneider (IL-10), Hillary J. Scholten (MI-03), Kim Schrier M.D. (WA-08), David Scott (GA-13), Robert C. “Bobby” Scott (VA-03), Terri A. Sewell (AL-07), Brad Sherman (CA-32), Mikie Sherrill (NJ-11), Elissa Slotkin (MI-07), Adam Smith (WA-09), Eric Sorensen (IL-17), Darren Soto (FL-09), Melanie Stansbury (NM-01), Greg Stanton (AZ-04), Haley M. Stevens (MI-11), Marilyn Strickland (WA-10), Eric Swalwell (CA-14), Emilia Strong Sykes (OH-13), Mark Takano (CA-39), Shri Thanedar (MI-13), Mike Thompson (CA-04), Dina Titus (NV-01), Rashida Tlaib (MI-12), Jill Tokuda (HI-02), Paul Tonko (NY-20), Norma J. Torres (CA-35), Ritchie Torres (NY-35), Lori Trahan (MA-03), David Trone (MD-06), Lauren Underwood (IL-14), Juan Vargas (CA-52), Gabe Vasquez (NM-02), Marc A. Veasey (TX-33), Nydia M. Velázquez (NY-07), Debbie Wasserman Schultz (FL-25), Maxine Waters (CA-43), Bonnie Watson Coleman (NJ-12), Jennifer Wexton (VA-10), Susan Wild (PA-07), Nikema Williams (GA-05), and Frederica S. Wilson (FL-24).
The Congressional Progressive Caucus (CPC) is made up of nearly 100 members standing up for progressive ideals in Washington and throughout the country. Since 1991, the CPC has advocated for progressive policies that prioritize working Americans over corporate interests, fight economic and social inequality, and advance civil liberties.
(202) 225-3106LATEST NEWS
Amid Threats of US Attack, Sheinbaum Tells Trump to Get a Grip on Illegal Guns, Drugs
“The cartels are fueled by the United States’ demand for drugs and armed with US weapons, and thanks to the United States, they are able to orchestrate enormous bloodshed and chaos," said Mexico's president.
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Amid months of threats by US leaders to attack drug gangs in Mexico, Mexican President Claudia Sheinbaum slapped back Monday against President Donald Trump's assertion that her country is the "epicenter" of cartel violence by urging him to stem the flow of illegal arms across the border—and domestic demand for illicit narcotics.
“If the flow of illegal weapons from the United States into Mexico were stopped, these groups wouldn’t have access to this type of high-powered weaponry to carry out their criminal activities,” Sheinabum said during her daily press briefing, citing a 2025 US Department of Justice report showing that approximately 3 in 4 guns used by Mexican criminal organizations were illicitly trafficked across the international border.
“There’s a very important aspect that needs to be addressed, which is reducing drug use in the United States,” she added.
In a separate interview with W Radio, Sheinbaum took aim at Trump's Saturday speech at his so-called "Shield of the Americas" summit with mostly right-wing Latin American leaders, during which he called Mexico the "epicenter of cartel violence" and announced a "brand-new military coalition" to tackle drug gangs.
“The epicenter of cartel violence is not Mexico, it’s the United States,” she said. “The cartels are fueled by the United States’ demand for drugs and armed with US weapons, and thanks to the United States, they are able to orchestrate enormous bloodshed and chaos throughout Latin America.”
In the latest in a series of threats to attack criminal organizations in Mexico—a scenario vehemently opposed by the Mexican government and most Mexicans—Trump said Saturday that allied right-wing Latin American governments have made “a commitment to using lethal military force to destroy the sinister cartels and terrorist networks.”
Mexicans are wary of US interventions, having lost half their national territory to the United States in an 1846-48 war that two US presidents—Abraham Lincoln and Ulysses Grant—said was waged under false pretext to conquer territory and expand slavery. The US also invaded and briefly occupied the port city of Veracruz in 1914 and launched a punitive invasion targeting the revolutionary Pancho Villa's forces in 1916-17.
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Mexico has also arrested hundreds of suspected drug traffickers, destroyed numerous secret narcotics labs, and handed over dozens of alleged cartel criminals to US authorities in recent months.
Last year, the US Supreme Court dismissed a lawsuit brought by the Mexican government against US gun manufacturers, unanimously ruling that Mexico did not plausibly show the companies aided and abetted illegal arms sales.
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"Trump's reckless, aimless, and illegal war with Iran is driving our nation into yet another self-inflicted energy and inflation crisis."
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While President Donald Trump on Monday made conflicting comments about ending the US-Israeli war on Iran, Sen. Ed Markey expressed "deep concerns about ongoing political interference in what should be nonpartisan offices, including the federal statistical system," and demanded urgent analyses of the bloody assault's economic consequences.
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"Crises spurred by American intervention in the Middle East in 1974, 1980, 1990, and 2003 led to price gouging at the gas pump and drains on American wallets, followed by broader economic effects as the price of energy skyrocketed," Markey noted. "President Trump's reckless, aimless, and illegal war with Iran is driving our nation into yet another self-inflicted energy and inflation crisis. American consumers should not be subjected to shakedowns every time they fill up their cars, just to pay for Donald Trump's Middle Eastern crusade."
"Unfortunately, at this moment we are flying blind," he wrote. "The president has neglected to provide coherent or consistent explanations for the scope and goals of his war, either to the Congress or the American people, and we have similarly received no information from the administration on the conflict’s expected duration or anticipated costs."
The senator asked the BLS to "immediately undertake and publish a comprehensive analysis of the likely consumer price impacts" over the next 6-12 months stemming from Trump's war on Iran.
Specifically, by March 24, he requested projections for:
- consumer price changes in electricity, gasoline, and home heating fuel, based on current levels of disruption to fossil fuel flows through the Strait of Hormuz;
- shifts in food prices that factor in elevated energy and transportation costs as well as disruptions to imports and exports, and the fertilizer supply chain; and
- pricing changes for goods including apparel and household products due to supply chain disruptions and higher energy and shipping costs.
Markey also requested answers about the agency's methodology, stressing that "the integrity and timeliness of BLS's work have never mattered more. American families making decisions about their budgets, their energy use, and their economic future deserve the best available government data and analysis."
The senator recalled Trump's August ouster of then-Commissioner Erika McEntarfer, which "appears to solely have been the result of BLS releasing factual jobs data that was viewed as unflattering to the administration."
"Baseless firings of ethical civil servants and manipulation of data reduce trust in what should be objective economic research grounded in data and evidence, rather than overt partisanship and blind allegiance," he wrote to the agency's new leader.
"In the face of this intimidation," the senator added, "I appreciate Dr. McEntarfer's assertions regarding the quality of your leadership and personal character, and I hope you will continue to ground economic analyses in objectivity and fact—no matter how many times the president inaccurately claims that BLS's statistics are 'rigged' and pressures officials to hide, alter, or otherwise change data to suit his political purposes."
Donald Trump is throwing gasoline on the flames of war in Iran, while at home, Americans are paying higher prices for gasoline at the pump. Take a walk with me to see how prices are skyrocketing as a result of this illegal war.
[image or embed]
— Senator Ed Markey (@markey.senate.gov) March 9, 2026 at 3:27 PM
As Common Dreams reported earlier Monday, Trump's war on Iran is having an obvious economic impact: The prices of both Brent crude oil and WTI crude oil futures soared past $100 per barrel, the Dow Jones Industrial Average opened trading down by more than 600 points, and the Nasdaq dropped by 300 points.
Then, Trump suggested in an interview with CBS News’ Weijia Jiang that the Iran war—which has already killed more than 1,300 Iranians, including hundreds of women and children—is "very complete, pretty much." After his remarks, Reuters reported, "Wall Street stocks clawed their way back from a steep selloff to close higher on Monday, notching a final-hour rebound."
However, Trump then seemed to walk back his comments about the war ending soon. According to the New York Times, during a speech to Republican lawmakers in Florida, he said that "we have won in many ways, but not enough. We go forward more determined than ever to achieve ultimate victory that will end this long-running danger once and for all."
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"For a representative democracy like ours to work, citizens must have some confidence that, through... political engagement, they have a fighting chance to turn their priorities into government policy," said an elections expert.
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Billionaires exerted an unprecedented amount of influence over the 2024 US federal elections, accounting for almost one-fifth of the nearly $16 billion spent to elect candidates during that cycle, according to a New York Times analysis published Monday.
Just 300 billionaires and their immediate families poured an unprecedented $3 billion into the election, either giving directly to candidates or through political action committees.
These individuals represent just about 0.0087% of the 3.46 million people who donated more than $200 to one or multiple candidates during the election cycle.
And yet, with an average donation of $10 million apiece—equivalent to what 100,000 typical donors would give—they amounted to about 19% of all spending, allowing their interests to be pushed to the center of major races.
The Times highlighted the extraordinary role that billionaire fundraisers played in pushing Sen. Tim Sheehy (R-Mont.) over the finish line in his bid to unseat the three-term incumbent Democrat, then-Sen. Jon Tester.
Sheehy's long shot campaign was given a boost by Blackstone CEO Stephen Schwarzman, who donated $8 million to his super PAC after previously investing $150 million in the candidate's struggling firefighting business, which helped seed his campaign.
As the report explains, Schwarzman "was not the only financial heavyweight in Mr. Sheehy’s corner":
At least 64 billionaires and 37 of their immediate family members donated directly to his campaign, a New York Times analysis found. When also accounting for money that flowed through political committees that support Mr. Sheehy, an analysis shows that billionaires contributed about $47 million in the race that Mr. Sheehy went on to win.
Sheehy's campaign drew support from a who's who of GOP power brokers: Jeff Yass, the founder of the Pennsylvania-based trading firm Susquehanna International Group and a major funder of Trump's massive White House ballroom project; the Uihlein family, which owns Uline shipping and has been central to backing anti-abortion, anti-immigrant, and election-denialist causes; and Florida hedge fund founder Ken Griffin, who spent $12 million to stop an initiative in the state to legalize marijuana.
In installing Sheehy, the ultrawealthy bought themselves "a key ally on tax policies that benefit the wealthy" who "cosponsored a proposal to eliminate the estate tax," the Times reported.
While billionaires still have their talons in both political parties, the Times noted a distinct shift toward Republicans in 2024—for every one dollar given to Democrats, five went to the GOP in the election.
Trump, who openly begged for donations from oil tycoons on the campaign trail, was the single largest beneficiary of this avalanche of spending.
According to a study by Americans for Tax Fairness in October 2024, less than a month before election day, Trump had already received $450 million from 150 billionaire families, 75% of their $600 million total to major candidates, and three times Democratic presidential candidate Kamala Harris's $143 million.
By the end of the campaign, Trump and his affiliated PACs would amass more than $250 million from Tesla and SpaceX CEO Elon Musk, and more than $100 million from both the pro-Israel megadonor Miriam Adelson and the banking heir Timothy Mellon, according to OpenSecrets.
Trump has since appointed more than a dozen billionaires to administration positions, including Musk, who was tasked with eviscerating public spending as the de facto head of the so-called "Department of Government Efficiency" (DOGE).
But as the Times reported, "Many of those billionaires are not only hoping to reshape the federal government... but to win influence in state legislatures, city councils, school boards, and courthouses."
"Ultrawealthy donors... have helped overhaul political leadership and policy in states across the country, expanding private charter schools, restricting abortion rights, advancing artificial intelligence in government, and blocking laws that would make it harder to evict tenants," the report explained.
As the 2026 midterm cycle begins, another spending blitz is coming. As the Times reported last month, the artificial intelligence industry, crypto industry, the pro-Israel lobby, and Trump's super PAC have each amassed war chests of tens, if not hundreds, of millions of dollars to help elect their allies to Congress.
Silicon Valley billionaires, including PayPal co-founder Peter Thiel and Google co-founder Sergey Brin, meanwhile,have collectively dumped tens of millions into stopping a proposal in California for a one-time 5% tax on billionaires in the state, which would replace Medicaid funding slashed by Republicans' massive budget law last year.
The explosion in spending by the ultrarich has come quickly. Where billionaires spent just $16.6 million to influence the 2008 election cycle, that number has steadily ballooned up to $3 billion in 2024, a more than 12,000% increase when adjusted for inflation.
Daniel Weiner, the director of the Brennan Center for Justice's elections and government program, said that the "astonishing stat" was a "legacy of the Supreme Court's Citizens United decision" in 2010, which allowed billionaire-funded dark money groups to spend unlimited amounts of cash on political communication advocating for candidates.
"The resulting collapse of campaign finance rules has combined with a resurgence in the sort of high-level self-dealing that was pervasive during the Gilded Age, when bribery and graft were common, and corporations used their wealth to secure monopolies, government subsidies, and other benefits," Weiner wrote for TIME on Monday.
"As in the past, the question now is who will offer Americans a real alternative, including a commitment to stamp out self-dealing in all three branches of the government," he said, recommending a constitutional amendment to restore campaign finance limits tossed aside by the Supreme Court, a ban on spending by government contractors seeking contracts, and bans on congressional stock trading.
"For a representative democracy like ours to work, citizens must have some confidence that, through voting and other forms of political engagement, they have a fighting chance to turn their priorities into government policy," he concluded. "Far too many Americans have lost that faith, and they identify pervasive corruption at the top of our government as a big part of the reason. But cycles of corruption followed by reform are an enduring feature of American history. A new round of ambitious reform is overdue."
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